• Nur Syafiqah Abdullah

Azam Baki to be called in by SC for alleged power abuse


6 Jan 2022

By Nur Syafiqah Abdullah


KUALA LUMPUR: The Securities Commission Malaysia (SC) today stated that it will ‘be in touch’ with Tan Sri Azam Baki over an allegation of power abuse during his tenure as Malaysian Anti-Corruption Commission (MACC) director of investigations.


The now MACC chief commissioner was said to have owned a substantial number of shares in two companies between 2015 and 2016, however, he said he had given permission to his younger brother to use his trading account to acquire the shares.


The SC in a state today said it will ask the parties involved, including Azam, for an explanation.


It added that it is also to verify statements made as well as gather any relevant evidence.


“Under section 25 of the Securities Industry (Central Depositories) Act 1991 (SICDA), every securities account opened with a central depository must be in the name of the beneficial owner of the deposited securities or in the name of an authorised nominee.


“In addition, section 9A of SICDA stipulates that all dealings in securities shall be effected only by the beneficial owner of the securities or an authorised nominee,” it said.